your thesis applies no value to Goulamina prior to their...

your thesis applies no value to Goulamina prior to their investment.

imagine Goulamina has 130 million shares on offer currently valued at 20c for approx $26 mill market cap. Goulamina co does a cap raise and raises $130 mill at $1 per share. there are now 260 million shares on issue and Gangfeng paid $1 each.
the company has a Market Cap of $260 mill and has $130 mill in cash to spend on advancing the project. you can choose to say the market cap is $130 mill and that Gangfeng has halved their ownership value to $65 million ie 130 mill shares at 50c each.

If you were in the real world and the company was listed, and a company subscribed for 130 million shares at $1 i would say that the share price would hang around that $1 mark or could surge to $1.10 or $1.20 knowing that Gangfeng was willing to pay $1.
the only way that your figures work is if you ascribe zero value to the project prior to gangfeng investing and zero value to our share after.
Our share is $130 mill and we have $65 mill cash = $195 mill and their share is $130 million and $65 million cash = $195 less the $130 mill they contributed. = $65 million